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ceiling, its borrowing limit. today, senate minority leader mitch mcconnell insisted the tax issue is resolved but demanded spending cuts. >> i wish the president would lead us in this discussion rather than putting himself in a position of having to be dragged kicking and screaming to the table to discuss the single biggest issue confronting our future. >> reporter: also tonight, an administration official tells nbc news that the president is likely to name his selection for cia director tomorrow, the person who would replace david petraeus. the two men who are being considered as top candidates right now are the homeland security and counterterrorism adviser to the president, john brennan, and on the left of your screen you see the acting cia head, mike morrall. lester? >> thank you. >>> in addition to the battles over the debt ceiling and cabinet nominations, the president has a lot more on his plate in the coming weeks, including a fight over guns after the tragedy in newtown. and there's word tonight about what the obama administration is planning to do. we get our report from
of the warnings. >> we hit the debt ceiling we can't borrow any more. tax receipts continue to flow and cover about 60% of the federal spending. debt service is 6 or 7%. so there would be plenty of money as senator cruz pointed out to cover the debt service. what you will hear, john, in the weeks ahead is that we will be defaulting on our obligations. that is not reference to the kind of defaults you had on the federal debt. that means you couldn't pay for federal spending. we need to be careful about the use of the term default because it really is scare talk. not to say it would be a desirable outcome and if the republicans want to try to extract real spending cuts as a price for raising the debt ceiling they will have to be pretty tough about it because they will be accused of shutting the government down and might shut down in part. >> and the president as we were discussing in the preliminary conversation the president gets to decide what is shut down. >> one example would be suppose suddenly you can't finance 40% of government spending so the president and his treasury secretary decides
months, as the government reaches its debt ceiling and can't borrow any more money. president obama wants to lift that ceiling. the republicans don't. and it appears we're heading for another "thelma and louise" ride to the edge. remember -- they went over. we'll discuss that possibility next week with paul krugman, the nobel laureate in economics and "new york times" columnist whose bestselling book, "end this depression now!" calls for full employment as an alternative to austerity. read it, then send us the question you would like me to put to paul krugman. meanwhile, another reality beckons and there's a menace more threatening than the fiscal cliff ever was. what should really be scaring the daylights out of us -- the crisis which could make all the others irrelevant -- is global warming. get this one wrong and it's over -- not just for the usa, but for planet earth. that's the message delivered by hurricane sandy, and by almost all the extreme weather of the past two years. and here in the first month of the new year, it's the message from the most informed scientists in the world.
of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in connecticut, have you changed your views at all on how available guns should be especially the high-capacity rifles? >> i think every parent was horrified at what happened in newtown connecticut. to see 20 young children and six adults senselessly murder in an elementary school, it's just shocking beyond words but i think it was also sad that within almost minutes of that tragedy politicians began exploiting that horrible crime to push their gun-con
keep making money because of the debt ceiling being upward when you have got to borrow money somebody is earning money. somebody is making money. and it certainly is not those individuals at the bottom of the barrel. >> neil: the reason why we are in the peckle we ar pickle we s because we keep printing money and spending money. do you think we a spending problem? >> i think we finance our government with the idea that we keep providing opportunity for the money managers, the money lenders, the money changers and it is kind of like billy holliday used to say, them that's got shall get. >> neil: don't play the same cold game and cater to them. >> we already made the decision we have to borrow. >> neil: stop like you tell an alcoholic put the glass down. stop, stop, stop. >> i tell you, i don't have a problem. >> neil: we are up on the brink congressman saying this game stops and we stand up and we all say we are all alcoholics and it has got to stop now. >> i also think you got to say that you take responsibility for the decisions that you make and if you have borrowed you got to pay.
potential default. the whole debt ceiling business. the domestic and defense cuts postpone for two months by the fiscal cliff deal kick in. also known as sequester around these parts. of course, march 27th, the big the continuing resolution that funds the entire government expires. that may be where things truly heat up. mitch mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnel
's important to talk about what the debt ceiling really is. the debt ceiling is not the future. it's the past. it's allowing us to borrow money to pay for money we already borrowed. it's as if we spend money on our credit card and say at the end of the month i'm not going to pay it, and it wrecks your credit. it's not about future opportunity to borrow. it's spending already incurred. and if you look back at 2011, you can see the job numbers, the dip in the summer of 2011, when we went through that hostage taking. >> this is a matter of politics, carly, the reality is you have the business community, the white house will try to line up in a way that they haven't before, to say, uh-uh, don't mess with this. john engler saying, don't play around with the debt ceiling. you saw what happened last time. that would give the president a bit more strength, could it not here? >> i agree. and i also agree that it is not wise to fool around with the debt ceiling. if the debt ceiling is increased, and there is no progress on solving these fundamental problems that erskine and bowles spoke of, moody's wil
't continue down the path we're on of borrowing money to pay our debt. we have to have dollar for dollar cuts. >> key democrats and say the debt ceiling and the tax cuts are unrelated. >> not going to say i'm not going to pay my bills unless you stop buying stuff. so stop buying stuff so you don't have future bills but right now we have to pea the bell for what we incur. i you want to tie it to what we do next, fine. >> the big part of the budget is getting people back to work. >> president obama has said he will not negotiate with congress on whether they should pay their bills. some republicans are now criticizing his fiscal leadership. >> what is really disappointing to me is that the president isn't generating a discussion on his own help has to be dragged kicking and screaming to the table when he have these other big issues like the debt ceiling to get him to talk about it. i wish he would lead. >> after nancy pelosi appeared on national tv it was off to her annual happy new year's celebration in san francisco. she was greeted with a roar of applause at the presidio. the meeting answers
? that is a brilliant idea to inflate the currency. the idea is to avoid the debt ceiling fight so if you use that as the basis to borrow the newo say you are solvent. anybody with the iq above broccoli should understand if you minted a clean that is utterly worthless other than you say so and that is the basis to borrow money, the only people crazier are those who let america barr wrote off the point*. gerri: people will stop believing your promises. not only the american people what to ge them down the road. >> the govnment cannot just keep giving things i wish we would replay this speech by president kennedy. he is a democrat but he clearly id as part of the vision ask not what to your couny can do for you b but what you can do for your country. we need to raise americans to believe their responsibility is what they can do for their country. not sit and see what can my country do for me? gerri: governor cut to me it is a pleasure. you can hear much more by tuning in to his show weekend's 8:00 p.m. eastern on fox news. more on the jobs report coming up. the new congress passes a bill approv
together. >> mike: the precursor that many of us see this vote being. the debt ceiling ahead. will the house say, look, we're not going to continue to let you borrow money if you have no intention of stopping run away spending? >> i'm going from my freshman to my sophomore year. i've been there two years, many of us thought that he would behave like bill clinton, once he lost big in the first off election year, 2010 he'd come to the center. he didn't do that. so now you see our house-- i was just there yesterday. they are more focused than ever to engage in this fight. whether it's going to be during the debt limit debate that's going to come in two months or we have a cr debate and the government is funded through the march of this year. to fund the government the rest of the year, have another opportunity for a spending fight. you're ready to have people who will engage the way they never have before to save this country. >> mike: one of the things you did sponsor was a piece of legislation that said you're going to freeze the pay for members of congress and a lot of people
have to get our act together. >> the precurser that many of us see this vote being, to the debt ceiling fight that's still ahead. >> yeah. >> will that result in the house saying, look, we aren't going to continue to just let you borrow money if uv no intention of stopping the runaway spending? >> i'm just going from my freshman year to sophomore year. i've been there two years. a lot of us thought from barack obama would be may have like bill clinton. once he lost big in the first off election year, 2010, he would come to the center. he didn't do that. and so now you see our house conference. i was just there yesterday. they are more focused than ever to engage in this fight, whether it's going to be during the debt limit debate that will come in two months or we have a c. o. debate, which the government is only funded through the end of march this year. so to fund the government for the rest of the year we will have another opportunity for a spending fight. but you have people that are now ready to engage in a way like never before to make sure we reform spendingave the country. >> we
with the debt ceiling, i mean, this is a situation where america's borrowing costs could rise for decades 20 come, correct? >> yes. and it just -- it makes us look foolish. and amateurish. and i can't see how anyone could be confident in our country, and most particularly in our political leaders, if we default on our debt. and we won't default. don't get me wrong. i mean, but even if it's delayed by a week or two weeks, it just -- it just looks like we are dysfunctional, which we are. >> but you have a situation where both sides have dug in because on principle they both think that they are right. the one side, the republicans, thinking that they've already dealt with higher taxes, and now it's time to start looking at cuts. you have the democrats digging in because they think there needs to be more taxes that come along with this. what should happen in order to get those two sides to compromise? because that's the real sticking point. they think compromise is anathema. >> well, it just surprises me on both sides. we have a fiscal problem. and for one party to think that, you know, less rev
to raise the debt ceiling, it is congress' responsibility. he will not engage in a negotiation with congress that as advocates have described as a hostage situation that would result as it did in the summer of 2011 harming greatly this economy and businesses and great harm to average americans. so, it is just not the right thing to do. i think that if we were to travel down the road for any length of time, a great deal of unionimity behind the idea that it is a terrible proposition to flirt or allow default. let me remind you if the position of republicans in congress will be your choice america is between default and therefore economic chaos on the one hand or voucherizing medicare or slashing benefits for seniors. american people will say no. this is not the right way to do things in this country. you have to heed to your responsibilities here including paying for the bill that you racked up. this hases to do with spending that has already been incurred. it is congress' responsibilities to pay their bills. george, when you get a credit card bill, you pay it. if you don't you
. if congress but they should not be paying these bills are there should be less spending and borrowing, that is different legislation. it is not the president's response ability to pass legislation to raise the debt ceiling. it is congress. he will not engage in an association and with congress that they have described as a hostage situation that would result as it did in the summer of 2011, in great harm to this economy and to american business. it is not the right thing to do. if you are to travel down that road for any time, let me remind you it the position of republicans in congress will be that your choice america is between default and economic chaos. the american people are going to say no. this is not the right to say no. that tahiti irresponsibility is. that includes paying for the -- that includes responsibilities. it is congress's response ability pay its bills. when you get a credit card bill you pay it. if you do not you get penalized. in the case of not paying your bills when you are the united states congress the penalty is both real and severe for the economy and ameri
things on the president's agenda coming up include immigration gun control and the debt ceiling. the treasury is slated to lose borrowing power by the end of february unless congress agrees to raise the limit. spending cuts kick out on march 1st to every federal program. on the issue of gun control, the joe biden led tackle force has not reached any plans yesterday but according to "the washington post," the group is considering requiring universal background checks for all gun biers and harsh penalties for carrying guns near schools or giving them to miners. they would track the movement and sales of weapons through the national database. more bill press show coming up after the break. we are live in our chat room. join us there at see you there. going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party or the other. when the democrats are wrong, they know that i'm going to be the
Search Results 0 to 18 of about 19 (some duplicates have been removed)